The Block
Quick Take A class-action lawsuit against Coinbase was recently filed by a serial crypto litigator on behalf of its customers, alleging the exchange sells unregistered securities and operates as an unlicensed broker/dealer. The lawsuit, which the company calls “legally baseless,” is similar in language to another class-action suit that was initially dismissed, but recently partially revived under appeal.
This is an excerpt from the inaugural edition of The Block’s The Funding newsletter sent to our loyal readers on May 3. The Funding is a fortnightly newsletter written by Yogita Khatri, The Block’s longest-serving editorial member. To subscribe to the free newsletter, click here.
Sui launched on mainnet one year ago and since, its creator Mysten Labs, has forged partnerships with both Google and TikTok parent ByteDance. Shortly after launch Sui ranked as a top-10 blockchain in terms of TVL.
Quick Take Bitfinex CTO Paolo Ardoino, also the CEO of Tether, has cast skepticism on a ransomware group’s week-old claim that personal data from the exchange was breached. Hacking group FSOCIETY claimed last week to have hacked Bitfinex along with Rutgers University and two other companies.
Grayscale’s converted GBTC ETF saw $63 million worth of net inflows on Friday, ending a 78-day streak of outflows since trading began on Jan. 11. The combined U.S. spot bitcoin ETFs registered their first daily net inflows since April 23 and the largest since March 13, totaling $378.3 million.
Quick Take In the hopes of curbing the ills of excessive airdrop farming, or sybil activity, LayerZero Labs offered users the option to self-report with the promise of receiving “15% of their intended allocation.”
The SEC said it would be making a decision to disapprove, approve or institute proceedings for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF by June 24, 2024, in filing made on Thursday.
Bitcoin was back above the $61,000 mark following a weaker-than-expected U.S. jobs report, which weakened the dollar and raised the likelihood of a rate cut in September.
Quick Take In a speech delivered on Friday, the CFTC Commissioner Johnson outlined her concerns about AI and how that applies to DeFi. On Thursday, House Financial Services Committee Ranking Democrat Maxine Waters, D-Calif., sent a letter to President Biden pressing him to nominate Johnson, a Democrat, to serve as the Assistant Secretary for Financial Institutions at the Treasury Department. Commissioner Johnson declined to comment.
Friend has fallen by over 90% in value since FriendTech airdropped the token while debuting version 2 of the web3 social media platform.
